Elon Musk DOGE: Tesla boss leads Department of Government Efficiency

Bittime - Elon Musk is making headlines again with his position as leader of the Department of Government Efficiency (DOGE) alongside Vivek Ramaswamy. See how this role affects the crypto world and Dogecoin and how it could impact the US government.

Elon Musk, a prominent figure in the tech world and staunch supporter of Dogecoin (DOGE), is now taking a big step into politics. Musk has been named head of the Department of Government Efficiency (DOGE), a new agency aimed at reducing waste and increasing transparency in the United States government.

Along with Vivek Ramaswamy, a former Republican presidential candidate, Musk is responsible for leading efforts to streamline government bureaucracy, in line with the vision of US President-elect Donald Trump.

The role of the Department of Government Efficiency (DOGE) in Reducing Waste

According to Trump's official statement, DOGE was created to remove excessive regulations, reduce unnecessary spending, and restructure federal agencies.

With a government budget of $6.5 trillion, it's important to save every corner of the bureaucracy to improve efficiency. President Trump's ambition is to make his administration more responsive and efficient, especially in supporting entrepreneurship and providing transparency for the public.

Musk announced that every action taken by DOGE will be published online, giving the public access to assess and provide feedback.

In fact, Musk stated that the agency will have a “leaderboard” for the most wasteful tax expenditures, which is not only entertaining, but also invites awareness of the use of public funds.

Also read: Dogecoin Price: Analysis and Predictions, Will the 2021 Rally Repeat?

Impact of DOGE Announcement on Dogecoin and Crypto Market

The impact of this announcement was immediately felt in the Dogecoin community. The DOGE price jumped 20% from $0.37 to $0.43 shortly after the news broke.

Although this increase has subsided, the community's enthusiasm remains high given Musk's unwavering support for Dogecoin. In addition, DOGE-related memecoins also saw a 61% increase within 24 hours of the announcement.

This move wasn't just a joke or speculation. As a leader who is often concerned with individual freedom and support for crypto technology, Musk and DOGE are expected to bring about positive change in the broader crypto sector.

Under the new Trump administration, the crypto sector is expected to receive more attention, including potential crypto tax cuts, support for Bitcoin mining in America, and strengthening the country's position as a global crypto hub.

Elon Musk's Hopes for Crypto and Financial Freedom

As a longtime supporter of Bitcoin and Dogecoin, Musk believes that crypto holds great potential in creating greater financial freedom. However, how these plans will materialize and how dogecoin will play out in the real world as a medium of exchange under Musk and Ramaswamy's control remains to be seen.

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